With cyberattacks affecting SMBs at an alarming rate, business owners are challenged with putting strong enough security in place to protect them from the average $20,000 price tag per incident. Ransomware in particular has hit the SMB sector hard. As stated in a recent study by Arctic Wolf Networks, last year saw a 433% increase in ransomware attacks against SMBs1 – a number that is expected to grow.
Inside the Mind of a Cybercriminal
The rise of open source malware, IoT-based threats and criminal services-for-hire is fomenting a new era in cybercrime. While global cybercrime is expanding and cybercriminals are stuffing their bank accounts, individuals and businesses (especially SMBs) are directly impacted. Many worry about the safety and security of their online experiences and what communication service providers (CSPs) are doing to protect them.
With cyberthreats increasing in size and scope, businesses are scrambling to find new ways to protect their financial and human capital assets. Many enterprise solutions offer endpoint protection and network security, but the SMB sector doesn’t have the budget to deploy enterprise security solutions and typically lacks the in-house expertise to keep their networks and users adequately protected. In particular, as employees bring mobile devices onto corporate networks, and with new attack variants being introduced almost daily, small and mid-sized businesses have no way of keeping up. This is where communications service providers (CSPs) can step in to provide a broad layer of protection, visibility, and control from within their own networks.